Perspectives on U.S. Fiscal Policy

Jeffrey Holland (), Edward Leamer and Alice Rivlin
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Jeffrey Holland: Peter G. Peterson Foundation

Business Economics, 2018, vol. 53, issue 3, No 3, 124-133

Abstract: Abstract Under current policies the deficit may get to 7% of GDP in 10 years. Our political process is not coming to grips with responsible fiscal policy. We have both parties agreeing a deficit is a great way of attracting votes. Future increases in spending are coming from entitlements. We need incentives in health care to do things more efficiently and encourage competition. The biggest risk for the U.S. economy is the global bond market. We need to get moving. If not, eventually inflation, or a crisis of confidence, will be the wake-up call on the growth of U.S. debt.

Keywords: Deficit; Debt; Fiscal policy; Entitlements; Bond market (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1057/s11369-018-0083-3

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